Multilateral Development Banks (MDBs) have underscored the importance of close cooperation to support stability, safeguarding development progress, and responding to mounting pressures on their member economies amid heightened global uncertainty, including in West Asia.

"MDBs are working more closely than ever to support our members and clients through a complex and evolving global environment. By combining our financial strength, knowledge and partnerships, we are helping countries manage immediate pressures while building resilience for the future," ADB president and current Chair of the MDB Heads Group Masato Kanda said.

Heads of MDBs in a meeting on Friday, on the sidelines of the World Bank Group- International Monetary Fund Spring Meetings, noted that the impacts of current global developments are already being felt through higher energy costs, supply chain disruptions, and tighter financial conditions, the Asian Development Bank (ADB) said in a statement.

The chiefs also emphasised MDBs' readiness to deploy timely and effective support to help countries and clients manage risks, maintain macroeconomic stability, and protect vulnerable populations, it added.

Against this backdrop, MDB heads reaffirmed their shared commitment to deepen collaboration and deliver impact at scale, with a strong focus on private sector development, job creation, infrastructure, and long-term sustainable growth in line with their respective mandates, strategies, and operational focuses, it said.

They stressed the importance of strengthening efforts to mobilise private finance and expand financing capacity, including through originate-to-distribute/share approaches that enable MDBs to create bankable opportunities and crowd in private capital at scale.

The Heads of MDBs Group includes the African Development Bank Group, ADB, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank, and the World Bank Group. The International Monetary Fund also participates in the discussions.

"They agreed to establish a working group to take this work forward. They recognised the importance of increasing transparency of credit risks in emerging markets through the Global Emerging Markets (GEMs) consortium, scaling up local currency financing, including through the development of domestic financial markets to help mitigate exchange rate risks; and disciplined use of blended finance," the statement said.

The heads further agreed to closer collaboration on a common approach to measuring the impact of MDB operations on creating more and better jobs to lift households out of poverty, improve social cohesion and reduce vulnerability, it noted.

Besides, it said, MDBs are strengthening collaboration on critical minerals, working together to support diversified, resilient, and responsible supply chains to underpin energy security, digital transformation, job creation, and value addition in their countries of operation.

MDBs also launched Water Forward, a global initiative to advance investable, scalable water systems that drive jobs, prosperity, food security, and resilience. MDB heads agreed that they will continue joint efforts on other priority areas, including artificial intelligence.

Heads of MDBs reaffirmed their commitment to working more effectively as a system, including through a sharper focus on quality and value.

"They agreed on a common framework on Value for Money in procurement to ensure the quality and sustainability of MDB-financed projects, which each bank will refine to its own operational context. They also highlighted progress in the use of mutual reliance frameworks to ensure seamless joint financing of MDB projects," the statement said.

Published on April 18, 2026